econs

what concept does economics primary deal with

• poverty

• scarcity

• power

• inflation

a decrease in the price of a good which results in a decrease in total revenue is associated with:

• inelastic demand

• elastic demand

• unitary demand

• perfect inelasticity demand

The law of diminishing marginal utility states that...

• marginal utility decreases as more units of a good are consumed

• marginal utility remains the same as more units of a good are consumed

• marginal utility increase as more units of a good are consumed

• marginal utility decreases as less units of a good are consumed

which one of the following is not an external stakeholder for a company?

• government

• manager

• shareholders

• customers

........ is the negotiation of wages and other conditions of employment by labour unions

• collective bargaining

• collective agreement

• labour groups

• collective discussion

The three approaches to calculating GDP are:

• consumer price index, unemployment and inflation

• income , value subtracted, expenditure

• income, value added , expenditure

• income, value added and CPI

An inflationary gap is characterized by :

• high unemployment, high inflation and high GDP growth.

• low unemployment, high inflation and high GDP growth.

• low unemployment, low inflation and high GDP growth.

• low unemployment, high inflation and low GDP growth.

Which statement BEST describes TIGHT money policy?

• A monetary policy of high interest rates, more difficult availability of credit, and

  a decrease in the money supply

• A monetary policy of high interest rates, easy availability of credit, and growth

  of the money supply

• A monetary policy of low interest rates, easy availability of credit, and growth

  of the money supply

• A monetary policy of low interest rates, more difficult availability of credit, and

  a decrease in the money supply

Which of the following is a key benefit of international trade?

• Higher taxes

• Increased protectionism

• Access to a greater variety of goods and services

• Decreased competition

Which organization promotes free trade and economic integration in Southeast

Asia?

• EU

• ASEAN

• NAFTA

• OPEC